Commencement of Trading on Fawry at the Egyptian Exchange

The Egyptian Exchange’s (EGX) platform welcomed today Fawry for Banking Technology and Electronic Payment, newly listed company number 216, to its main market with a trading code “FWRY.CA”.  Fawry is a leading company in the field of E-payments and Electronic Financial Services.  A ringing of bill ceremony was held today with the presence of upper management from Fawry & EGX.

The IPO resulted in allocating 254.6 million shares with a percentage of 36% from the total shares with the a price EGP 6.46 per share and a total value of EGP 1,64 Billion.  The private placement was oversubscribed by 16 times and the IPO by 30 times.

Egyptians represented 80.3% of the IPO and 50% of the private placement. Arabs & Foreigners represented 19.7% of the IPO and 49.3 of the private.

Mohamed Farid, EGX Chairman, stated that EGX’s management is always supporting potential company with solid growth plans in all sectors in line with Egypt’s plans to achieve economic growth in an inclusive and sustainable manner.

He added that Fawry is the first listing in The Egyptian Capital Market in 2019 confirming that the diversity of the stock market allows it to be a more attractive market to investors.

Ashraf Sabry, CEO of Fawry, said that the commencement of trading on Fawry in EGX is an important step for growth and will definitely support its expansion plans.